Serene Entertainment, led by Adar Poonawalla, secures half of Dharma Productions, maintaining Karan Johar’s leadership.
Adar Poonawalla has beaten Reliance and Saregama in the race to acquire major stake in Karan Johar‘s Dharma Productions. As per an announcement by the Bollywood production house, Poonawalla’s Serene Entertainment has bought 50% stake at Dharma for ₹1000 crore. Karan Johar will retain the remaining 50% ownership. (Also read: Amid Reliance, Saregama takeover reports, Karan Johar’s Dharma Productions’ Twitter bio grabs attention: ‘Owned by…’)
Adar Poonawalla acquires 50% stake in Karan Johar’s Dharma Productions for ₹1000 crore, surpassing Reliance and Saregama.
Build and grow
Talking about the partnership, Adar Poonawalla, said, “I am delighted to have the opportunity to partner with one of the most iconic production houses in our nation, along with my friend Karan Johar. We hope to build and grow Dharma and scale even greater heights in the years to come.”
Commenting on the partnership, Karan Johar, Executive Chairman of Dharma, stated, “From its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture. My father dreamed of creating films that would leave a lasting impact, and I’ve dedicated my career to expanding that vision. Today, as we join forces with Adar, a close friend and an exceptional visionary and innovator, we’re poised to elevate Dharma’s legacy to new heights. This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies.
It’s about honoring our roots while embracing the future of global entertainment. Dharma’s journey has been remarkable, and this collaboration opens up a world of possibilities for creating content that will resonate across borders and generations.”
About Dharma Productions
Dharma Productions is one of India’s leading film production and distribution companies, founded by Yash Johar in 1976 and now helmed by Karan Johar. With a legacy spanning over four decades, Dharma Productions has been at the forefront of the Indian film industry, producing critically acclaimed and commercially successful films. The company is known for films including Kuch Kuch Hota Hai, Kabhi Khushi Kabhhie Gham, and more. Their last few movies were Kill, Bad Newz Rocky Aur Rani Ki Prem Kahani, Brahmāstra: Part One – Shiva.
Adar Poonawala to acquire 50% of Karan Johar’s Dharma Productions: Report
Adar Poonawalla, CEO of the Serum Institute of India, is set to pick up a 50% stake in Karan Johar’s Dharma Production and Dharmatic Entertainment, for ₹1000 crore, Economic Times reported citing people in the know. The report claimed that Adar Poonawalla is making this investment in his private capacity through Serene Productions after which Dharma Prdocution will retain the residual stake with Karan Johar continuing to remain as the creative spearhead of the company, as Executive Chairman.
The report noted, “The key factor that led to stitching together this alliance is Johar retaining creative control while partnering with a deep pocket family he is familiar with. The Poonawalla investment will help the production house with enough financial muscle to navigate the fast-changing demands of digitally savvy consumers who are often digital natives. The investment will also boost Dharma’s efforts to double down on content for new platforms and formats while continuing to deliver interesting stories for a global audience.”
This comes after it was reported that Dharma Productions has been actively seeking investments and had engaged in talks with several large conglomerates. The company posted a fourfold surge in revenue to ₹1,040 crore in FY23, from ₹276 crore the previous year however net profit fell 59% to ₹11 crore due to a 4.5-times rise in expenses at ₹1,028 crore. In FY23, the company earned ₹656 crore from distribution rights, ₹140 crore from digital, ₹83 crore from satellite rights, and ₹75 crore from music.